Frank Field MP, Chair of the Work and Pensions Committee, has written to the Serious Fraud Office (SFO) and the Insolvency Service with regards to the inquiry into BHS and the Pension Protection Fund. Huge sums dissapeared out of BHS and the pensions regulator has stepped in. The Work and Pensions Committee Chair has assured both bodies of the Committee's full co-operation and non-interference in the inquiries into BHS they have initiated.
The retirement scheme is now set to be handed over to the Pension Protection Fund – a lifeboat which pays for the pensions of savers whose company has gone bust. But workers who have not yet retired are facing the loss of 10 per cent of their retirement income.
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